Major US lenders could pay additional $104 bln in legal charges – S&P — RT Business

Major US lenders could pay additional $104 bln in legal charges – S&P — RT Business:

"The eight biggest U.S. banks, including JPMorgan and Bank of America may need to spend an extra $104 billion to settle mortgage-related issues. That’s two thirds of $154.9 billion banks’ reserves that they accumulated to stand the potential legal costs.

The major US banks may have to pay an additional penalty of between $56.5 billion and $104 billion in potential mortgage payouts, according to the rating agency Standard & Poor's.

"Notably, mortgage-related litigation has recently gotten a second wind and has expanded beyond investor claims," S&P credit analysts led by Stuart Plesser wrote in a report."

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